VA Home Loan Near Plano TX: What You Need To Know About VA Home Loans

If you are now or have ever been a member of the United States Armed Forces and you live in North Texas, you may be eligible for a VA home loan near Plano TX. During World War II, Congress passed the Servicemen’s Readjustment Act, which included guaranteed home, farm and business loans to eligible veterans. Over the years, the Act has been amended several times; but the one thing that hasn’t changed is that VA homes loans are still an affordable way for service members to own a home.

▸ What is a VA home loan? A VA home loan near Plano TX is a way for service members, veterans and certain surviving spouses to become homeowners. The VA offers home loan guaranty benefits and other housing-related programs that can help you buy, build, repair, keep or adapt a home that you are going to occupy. The loans themselves are provided by private lenders like mortgage companies and banks but a portion of each loan is guaranteed by the VA, which means that lenders will be more likely to give you favorable terms.

▸ What are the advantages of a VA home loan? Because the VA guarantees a portion of each loan, lenders can offer terms like:

▪ No down payment (as long as the sale price does not exceed the appraised value)

▪ No private mortgage insurance required

▪ Limited closing costs

▪ No penalty for early pay-off

▪ Assistance from the VA if you have difficulty paying your mortgage

In addition, you don’t have to be a first-time homebuyer. In fact, you can use your VA home loan near Plano TX more than once, which means you can use your loan on a second or third home, provided it’s occupied by you as your primary residence.

▸ Who is eligible for a VA home loan? Current and former service members and some surviving spouses are eligible for VA home loans. The length of your service, service commitment or duty status can determine eligibility for specific loan types. It’s best to contact the VA to find out for sure if you are eligible. Once you do, you must obtain a Certificate of Eligibility or COE to prove to your lender that you are eligible for a VA loan.

▸ How do you apply for a VA home loan? Once you’ve determined your eligibility, you can take your COE to the lender of your choice. Once you’ve found a lender, you can start their application process to determine your interest rate and what your premiums will be. Even though your home loan will be partially guaranteed by the VA, you must still meet certain income requirements and have suitable credit.

To find out more about how you can qualify for a VA home loan near Plano TX, call us at Summit Funding at (972) 864-3530. You can also visit us online at www.jziminskas.summitfunding.org to learn more.